Samsung SDI-Bosch venture to supply BMW with car batteries

SEOUL, Aug. 3 (Yonhap) -- Samsung SDI Co., the world's No. 3 producer of
rechargeable batteries, said Monday its joint venture with Germany's Bosch Corp.
has been selected to supply BMW AG with car batteries.
The joint venture, SB LiMotive Co., has been selected as the sole provider of car
batteries for the German company for the next 10 years, according to Samsung SDI.

BMW, the world's largest premium automaker, announced earlier this year it will
introduce a "Megacity Vehicle" next year, a fully electric car with near-zero
emissions. The company said it plans to mass produce the car starting in 2013.
Financial terms weren't disclosed.
South Korean makers of batteries for hybrid vehicles have been rushing to
increase their capital spending in an effort to secure a spot in the rapidly
growing global market.
SB LiMotive last month bought stakes in Cobasys LLC, a U.S. maker of hybrid car
batteries, in order to expand its business in North America.
"We will invest US$500 million until 2013 in the car batteries and battery
systems," said Park Young-woo, head of SB LiMotive, in a statement. "Our goal is
to reach a 30-percent market share by 2015."
ygkim@yna.co.kr
(END)